November 4, 2022 marked the deadline for compliance with amended Rule 206(4)-1 (the “Marketing Rule”) under the Investment Advisers Act of 1940 (the “Advisers Act”), imposing additional obligations on certain investment advisers registered (“RIAs”) with the U.S. Securities and Exchange Commission (the “SEC”) and their relying advisers (“Relying Advisers”).
In this client alert, we examine the impact of the Marketing Rule on the collateralised loan obligation (“CLO”) industry, the additional implications that European CLO market participants will need to consider, and how a consensus is developing between in-scope CLO managers (“In-scope Managers”) and arranging banks as to Marketing Rule compliance in the context of CLO marketing activities.
